Property in 2015 let 2 days quicker than in 2014
According to the latest index report, from Countrywide, the average property in 2015 was let within 20 days of being instructed; two days quicker than it was in 2014. Average rents grew by 3.1% over the year, taking the average monthly rent to £919 per calendar month and 34% of tenants who renewed their tenancy faced higher rents, an increase of 7% from last year. However, the average rent for renewing tenancies only grew by 1.3%, less than for those moving into a new home.
Johnny Morris, research director at Countrywide commented that a “mix of steadily increasing demand and a lack of homes to rent supported rental growth in 2015, even though wage growth remained subdued.” Looking ahead for this year and into next he commented that “2016 looks to be a complicated year for landlords as the government focuses its efforts on boosting homeownership. The additional 3% stamp duty charge, stricter regulation and changes to tax relief from 2017 onwards will all take their toll on investor sentiment and impact behaviour”.
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